Forensic Accounting- Aspect 2 Auditing - Aspect 3
11 views | +0 today
Follow
Your new post is loading...
Your new post is loading...
Scooped by Morgan Casario
Scoop.it!

What is auditing | BMQR.org

What is auditing | BMQR.org | Forensic Accounting- Aspect 2 Auditing - Aspect 3 | Scoop.it
more...
Morgan Casario's comment, April 21, 2014 9:55 AM
Auditing is an examination of the "structural evaluation of a business organization, the operations therein and the products and processes of production within the business system. Auditing also involves an examination and, therefore, an investigation into the past history, records and data about a company in order to gauge and discover the legality of the business’s operations, transactions, tax reporting and the overall handling of finances within the business." The auditor is considered someone who has nothing to gain or lose from the outcome which makes it easier for them to be honest. They make sure that everything is reported correctly.
Scooped by Morgan Casario
Scoop.it!

ASPECT 3- Interview Results

A3

Morgan Casario's insight:

Aspect 3 

more...
Morgan Casario's comment, March 28, 2014 10:24 AM
She talked about how there are two different types of auditors, good and bad. She said when ever people hear about auditors that automatically think the worse, such as the IRS. But there are good auditors which are the one who does checking, companies, and goes to firms or business`s for annual check up.
Morgan Casario's comment, March 28, 2014 10:27 AM
She talks about how sometimes you go on assignments where there are companies that are committing fraud.
Morgan Casario's comment, March 28, 2014 10:27 AM
She likes how flexible the schedule is and how she doesnt have to stay at the same place all the time.
Scooped by Morgan Casario
Scoop.it!

ASPECT 3- POWERPOINT

more...
Morgan Casario's comment, March 26, 2014 10:23 AM
There are three different Audit types: third party, second part, and first party. In the first party it is when an auditor is organizing their own systems. In the second party auditors inspect other businesses. In the third party is it "Independent of the organization being audited".
Scooped by Morgan Casario
Scoop.it!

ASPECT 3- Internal Revenue Service

ASPECT 3- Internal Revenue Service | Forensic Accounting- Aspect 2 Auditing - Aspect 3 | Scoop.it
more...
Morgan Casario's comment, March 24, 2014 10:19 AM
"An IRS audit is a review/examination of an organization's or individual's accounts and financial information to ensure information is being reported correctly, according to the tax laws, to verify the amount of tax reported is accurate."
Morgan Casario's comment, March 24, 2014 10:25 AM
How they determine when they will return for an audit is called "Audit Selection". One reason is a random selection where they just do the selection based on statistics. Another reason is document matching where their records do not match up to the information that was reported. Another reason is when ever there is troubles with transactions involving business partners.
Morgan Casario's comment, March 24, 2014 10:28 AM
An audit can happen through either mail or through an interview. The interview could be held at many different places such as at the taxpayers house, the business, the IRS office, of the accountants office. They will tell you what records they need.
Scooped by Morgan Casario
Scoop.it!

ASPECT 2-An Interview with Cathleen Collinsworth | Forensic Accounting

ASPECT 2-An Interview with Cathleen Collinsworth | Forensic Accounting | Forensic Accounting- Aspect 2 Auditing - Aspect 3 | Scoop.it
more...
Morgan Casario's comment, March 6, 2014 10:06 AM
INTERVIEW WITH A FORENSIC ACCOUNTANT
Morgan Casario's comment, March 6, 2014 10:10 AM
This page is an interview with a forensic accountant who specializes in divorce cases. She talks about what she likes and dislikes about accounting and she also talks about why she became a forensic accountant. Collinsworth owns her own forensic accounting office in California.
Scooped by Morgan Casario
Scoop.it!

ASPECT 2- Forensic Accounting Demystified

ASPECT 2- Forensic Accounting Demystified | Forensic Accounting- Aspect 2 Auditing - Aspect 3 | Scoop.it
Forensic Accounting Demystified explores the exciting field of forensic accounting including
investigative accounting and litigation support.
more...
Morgan Casario's comment, March 4, 2014 10:29 AM
If you are a forensic accountant there are so many different investigations that you may have to take part of. One type is shareholders` and partnership disputes where you will have to look at many years of accounting records and find the dispute and fix it. Another is personal injury claims or motor vehicle accidents where there are suppose to fins the losses from the accident or economic damages. Another one is Business/employee fraud investigations where they would have to trace the funds and see if there is money going different places where it should not be going. Other types of investigation is criminal and business economic losses.
Morgan Casario's comment, March 5, 2014 10:08 AM
In forensic accounting you have to focus on accounting, auditing, and investigative skills. This shows you how all different types of accounting connect with each other. When conducting an investigation forensic accountants have to use all of these skills. They have to be able to work in a courtroom setting, and be able to "communicate financial information". A forensic accountant is "trained to look beyond the numbers and deal with the business reality of the situation"
Morgan Casario's comment, March 5, 2014 10:15 AM
If you a forensic a accountant you could either work with a "public practice, insurance companies, banks, police forces, or government agencies." There is such a variation on the different jobs that you could have if you become a forensic accountant. A forensic accountants job is "investigating and analyzing financial evidence", making computer applications to help look at the financial evidence, write reports or documents of what they find, and testify in court if needed. If you plan on being a forensic accountant you must know different legal concepts and procedures.
Scooped by Morgan Casario
Scoop.it!

SEC.gov | All About Auditors

This publication describes the role of the auditor in reviewing a company’s
financial books and records.
more...
Morgan Casario's comment, April 21, 2014 9:44 AM
An auditor is a CPA, who looks at financial information that is given to them from a company. "The federal securities laws require publicly held companies that file reports with the SEC to submit financial statements that are accurate, truthful, and complete and prepared according to a set of accounting standards called "Generally Accepted Accounting Principles" (or "GAAP")."
Scooped by Morgan Casario
Scoop.it!

ASPECT-3 Government Auditing Standards--Chapter 7: Field Work Standards for Performance Audits

more...
No comment yet.
Scooped by Morgan Casario
Scoop.it!

ASPECT 3- The Characteristics of a successful auditor

more...
Morgan Casario's comment, March 25, 2014 10:09 AM
If you are an auditor yo have to make sure that you avoid any temptation as to just letting fraud pass, pretending like you didn`t see it. Traits of an auditor is to make sure that you have good vision and instinct. You have to be able to know what you clients business is all about. If you are an auditor and you have an instinct that something is going on you will dig deeper and see if the client is fooling you. A second characteristic is you must be "able to see the big picture" you have to be able to find the connections within the business. Another characteristic is you have to have people skills. You will either be traveling to business`s or they will be traveling to you and you have to be able to make your clients feel comfortable. Its not that you have to love people but you have to be able to deal with many different kinds, and you have to know how to treat them. Another thing that comes with the people skills is the ability to listen, you have to hear the answers that your clients are giving to you.
Morgan Casario's comment, March 26, 2014 10:09 AM
You also have to have decision making ability, an auditor has to be able to see what information is needed and what information is not needed. You also have to have good leadership you have to be able to work with in your firm (if you work at a firm). You have to be able to have good communication skills because you have to be able to work with someone face to face.
Scooped by Morgan Casario
Scoop.it!

ASPECT 2- The Best Online Forensic Accounting Degree Resource

ASPECT 2- The Best Online Forensic Accounting Degree Resource | Forensic Accounting- Aspect 2 Auditing - Aspect 3 | Scoop.it
Everything you need to know about studying forensic accounting online and finding the right school
more...
Morgan Casario's comment, March 6, 2014 10:22 AM
The work environment for a forensic accountant can vary through out the fields. They work in their own offices, inside their companies offices, in court, or at their own house.
Morgan Casario's comment, March 6, 2014 10:24 AM
Forensic accounting is considered a "specialization within accounting". The education requires in forensic accounting is "A bachelors degree in forensic accounting or general accountancy, which usually requires 4 years of study, is the minimum requirement to become a forensic accountant. Many forensic accountants hold masters degrees, which requires an additional 1 or 2 years of study."
Morgan Casario's comment, March 6, 2014 10:29 AM
You must know many different subjects when becoming a forensic accountant. You must know criminology which is being able to find out who committed the crime and why they did. Secondly they must know the legal system which is the laws that people must abide . They must also know a fraud scheme which is the companies pan to gain illegal profits.
Scooped by Morgan Casario
Scoop.it!

ASPECT 2- Forensic Accountants Follow the Money

ASPECT 2- Forensic Accountants Follow the Money | Forensic Accounting- Aspect 2 Auditing - Aspect 3 | Scoop.it
Forensic accountants help conduct the financial investigative portion of complex cases.
more...
Morgan Casario's comment, March 5, 2014 10:23 AM
In the fbi 15% of agents that get a job there are "spacial agents accountants". "At the FBI, our forensic accountants conduct the financial investigative portion of complex cases across a wide variety of Bureau programs- Investigating terrorists, spies, and criminals of all kinds who are involved in financial wrongdoing." The FBI accountants have to testify what they find in court.
Morgan Casario's comment, March 5, 2014 10:26 AM
There are different certifications that you would need to become an fbi certified accountant. You must have a Certified Public Accountant (CPA), Certified Financial Forensics (CFF-AICPA), Certified Fraud Examiner (CFE), or a Certified Internal Auditor (CIA).
Morgan Casario's comment, March 5, 2014 10:27 AM
Some forensic accountants stories of what happened... “An individual was stealing money that was in transit from banks to ATMs…I was able to prove that over $1 million had been deposited across 20 bank accounts that was used for personal gain…after presenting the evidence I had to the defense attorney, the subject pled guilty.”<br>- New Haven... “The Forensic Accountant Support Team assisted on a large health care fraud case where the owners of a health care company orchestrated a $205 million Medicare fraud scheme…the three owners were sentenced to the longest prison sentences ever imposed in a Medicare Fraud Strike Force case—one defendant got 50 years, the other two got 35 years.”<br><br>- FoA, FBI Headquarters<br>
Scooped by Morgan Casario
Scoop.it!

ASPECT 2- ForensicAccountingResearchWhitePaper.pdf

more...
Morgan Casario's comment, March 4, 2014 10:07 AM
Forensic accountants are needed for financial statement misrepresentations, Economic damages calculations, Fraud prevention, detections and response, valuation, bankruptcy, family law, and computer forensic analysis. More than 50% of attorney look for forensic accountants who have different specialized areas. Forensic accounting specialized areas are lower then people who are specialized in different CPA.
Morgan Casario's comment, March 4, 2014 10:12 AM
If you plan on becoming a forensic accountant the biggest trait that you must have if being analytical. Which means that you have to be able to visualize and must be able to think logical. Also you must be detail-orentied, responsive, persistent, and a team player. Lastly, you have to be skeptic towards everything that you hear/see because you do not know what the truth is.
Morgan Casario's comment, March 4, 2014 10:17 AM
The core skills of a forensic accountant it to be a good oral communicator, you must have auditing skills, and be able to identify key issues. You must be a good Critical/strategic thinker, and you must have good investigation abilities so you will be able to find out if someone is lying to you. You also must be able to look at something (either the person, your books, bank statement, ect) and be able to identify key issues that you see through out it.